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Home My WebLink About0010 . ~ i Borrower and I.eader coveneM and a~ee as followr. 1. Pq?meat ot Priacip~l ~nd laterea~ Borrower shall pmmpUy pay when due the principal ot and intereat on the indebtednea~ t evidenoed by the Nota. pe+epsyment aad late charge~ as provided in the Note, and the principal of and intere~t on sny Phture Advancee eecured + by this Mwrt~aQe. ~ 2. F1wds fur T~es sad le~arence. 3ubject to applicable law or b a writteo wsiver by l.ender, Borrower shall pay lo I.ender on the d~yr mo~thly irutalla~enh oi principal and intereet ese peyable under the Note. unW the Note is paid in tull, a eum (herein "~ada") equal to one ; twelM of the yearly taxes and asseesmenta which may attain priority over this MoKgage. and ground re~te on the Property. if any. plus oao- twelRh of yeatly pn~nium installmen4s for hazard iclsurance. plus onetwelRh of yearly premium installmenta for mortga~e insurance. if any. aA a~ reasoaabty estimated initiaUy and irom time to time by I.ender on the basis of a~ssesamenta and billa and reawnable estimatea tliereof. ; The FLnds shall be heW ia an iastitution the depoaits or aooouats of w6ich are insured or guarante~d by a Federal or 3tate agency ~ (indudiaQ Lender it Leada+r ia sucl~ an institubion). Lender shall apply the ELnds to pay said fsxes. asseesments, insurance premiums and ~ grouad reats. Lender mqy not charge for so holding and applying the fl~nda. analyzing said acooun~ or verifying and compiling said ~ aseeermeata and biW. unlen I.ender payn Borrower intez~at on the Ftiad~ and applicable law peranita Lendeir to make such a cherge. Borrow~ ~ end Leader may sgree ia writing at the time of esecution of thi~ Morigage that iniczest on the i~nds shell be paid to Borrower. aad unl~s snch agreemeAt is made or applicable la~r reQuins such intere~t b be psid, Lender shall not be required to pay Borrowe~ any interest or ' earniags on the FLnde. Lender shall give to Borrower. without chasge. an annua! acoounting oithe I~nda ehowing credits and debita to the { ~nds and the purpo~e for which ~ch debit Lo the PY~nds wes made. The Funds are ple:iged ae edditioaal eecurity for the sumg ~ecured by thia ~ Mortgage. i If the amouat of the FLnds held by Lender. together vrith the future monthly inetallmenta of ~nds payable prior to the due dates of taxea, es~eesmeats, insnranoe premiums and ground rwts. ahaU excaed the amount required to pay eaid ta:es. asseasmeats. inauranoe premiums ; and ground reuta as they fall dne. such exoas shall be. at Bo~ower's option, either pmmptly repaid to Borrower or cndited b Bormwer on ' monthly inatallmenta of fi~nds. If the amount of the Ftinds held by I~ender shall not be suftcient to pay tazes. assessmeata, iaaurance premiums and ground renta as they fall due. Borrower ahall pay to Lender any ama~nt neceasary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesdng payment thereof. Upon payment in full of all suma eecnred by this Mortgage. I.ender ehall pmmpdy refund to Borrower any funda held by Lender. If under ' paragraph 18 hereof the Property is eold or the Piroperty ie otherwise acquired by I.ender, Lender shall epply, no leter than immediately prior ~ to the eale of the Property or its aoquisition by Leader. any Pht?di held by Leader at the time of appUcation as a credit sgainet the eums eecured by thia Mortgage. - 3. Applicatioa o! Paymeats. Unleas epplicable law providee otherwiae, all paymenta received by Lender under the Note and ' paragraphs 1 and 2 hereof ehall be applied by Lender firat in paymez~t of amounts payable to Lender by Borrower under paragraph 2 hereof, : then to interest payable on the Note, then to the principal of the NotR and then to intenst and principal oa any Futnre Advancee. ~ 4. C6argea; Liens. Borrower shall pay all taxea, asseesments and other chargea, finea and impositiona attributable to the Propezty which may attain a priority over this Mortgage, artd leasehold paymenta or ground renta. if any, in the manner provided under paragraph 2 hereof or. ~ if not paid in auch manner, by Borrowe~ making payment, when due, directly to the payee thereof. Borrower ahall promptly furnish to Lendet ~ all noticea of amounta due under this paragraph,.and in the event Borrower shall make payment directly, Borrower ahall prompqy furnish to ~ Lender reoeipts evidencing auch payments. Borrower shall pmmptly diacharge any lien which has priority over this Mortgage; provided, that i Borrowrr shall not be required to diacharge any such lien ao long aa Borrower ehall agree in writing to the payment of the obligation eecured by 1 such lien in a manner acceptable to I.ender. or ahall in good Caith conteat such lien by, or defend enforcementof auch lien in, legal proce>edings ~ which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. _ _ 5. Hazard Insurance. Borrower sha11 keeP We impmvemente now e:ieting or hereafter erected on the Property inaured againat loes by f fire, hezards included within the term "e~cteaded rnverage,° and auch other hazards aa Lender ro+~y require and in such amounte and for auch p~iods as I.endrr may require: pmvided, that Lender shall not require auch ooversge amount e:ceeding the minimum, ae may be required by ~ state or federal regulations governing activities of I.ender, or that amount of coverage required to pay the eume eecured by thia Mortgage. i ~ whichever ia the greater. - ~ ~ The insurance carrier pmviding the insurance shall be chosen by Borrower subject to approval by Lender, pmvided, that such approval ~ shall not be unreaeonably withheld. All premiuma on ensurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not Paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. ~ All insurance policiee and renewale thereof ehall be in form acoeptable to Lender and shall include a atandard mortgage clauae in favor of ~ ~ and in form aoceptable to Lender. Lender shall have the right to hoW the policies and renewala thereof, and Borrower shall promptly furniah to ~ I i i.ender all renewal notices and aU receipte of paid premiums.ln the event of losa, Borrower shall give pmmpt notice to the insurance carrier ` ~ and Lender. Leader may make proof of loes if not made promptly by Borrower_ ~ ! T~leea Lender and Borrower otherwise agr+ee in writing, iasurance proceede ahall be app6ed to restQration or repair of the Property ; demaged, provided such restoration or repair ia economically feseible and the security of thia Mortgage ia not thereby impaired. If such ± reatoration or repair is not eooaomically feasible or if the aecurity of this Mortgage would be impaired, the inaurance proceede shall be applied to the snms eecur~d by thia Mortgage, with the exce8s. if any. paid to Borrower. If the Property is abandoned by Borrower. or if Bomower faila to ; reapond to Leader within 30 days [rom ihe date notice ia meiled by Leader to Borrower thaE Lhe inaurance carrier o~fers to settle a claim for ~ inenrance benefifa. Lender ie authorized to colleci and apply the insurance proceeda at I.ender'a option either to r~storation or repair of the ~ Property or the suma eecnred by this Mortgage. ~ Unle~ Lender and Borrower otherwise agree in wridng, any such application of pmceeda to principal shall not eztend or postpone the due ~ date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inatallments. U under paragraph 18 ~ heecof We Prope:ty ia aoqoired by Lender, aR right, title and interest of Borrower in and to any ineurance policiea and in and to the prooeeds ~ thereof resulting from damage to Property prior to the eale_or aoquisition ehall pass to I.ender to the ea~tent of the suma eecured by thie . Mortgage immediately prior to snch sale or aoquiaition. 6. Preeervation and Maintenance of Propert}r; I.easeholds; Condominuma; Planned Unit Developmente. Borrower ahall keep the Property in good repair and ahall not commit waete or prrmit impairment or deterioration of the Property snd shall rnmply with the proviaions of any lease if this Mortgage ie on a leaeehold. If thia Mortgage ie on a unit in a oondominium or a planned unit development, ; Borrower shall prrform all of Borrower e obligatione under the declaration or rnvenanta creatingor governing the oondominium or planned ? unit development, the by-lawa and regulations of the condominium or planned unit developmeat. and oonstituent document8. If a i oondominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the o~venante and ~ agreements of such rider shaU be incorporated into and ahall amend and supplement the rnvenanta and agreemente of this Mortgage as if the ; rider were a part hereof. ' ~ 7. Protection ot Lender'~ Secnr[ty. If Borrower fails b perform the aovenants and agreements oontained in this MortBage. os if eRY i action or prooeediag is commenoed which matrrially affects Lende~s intereet in the Property. including, but aot limited to, eminent domain, T in~olvency, oode enforcemenk or erran8ements or pmceedings involving a banlwpt or decedent, thea I.ender at Leader's option.upon ~ ~ notioe to Bo~rmwer may make such appearanoe~. diaburse snch sums aad take snch action as is necesea 'ry to prota~ Lendds inte~st, a incloding, but aot limited to. disbursemtnt of nasonable attotney's fees and entry upon the Property to make repairs. If Leader required maigage insurance aa a oondition of making the loan eecnred by this Mortgage. Borrower shall pay the pr~inm~ reqaired to maintain ~ ~uch insuranoe in ef!'ect ~tntil snch time as t6e rcquirement for snch insnranae t~minatee in aocordance wiW Borrower a and Lendds ~ writtea a~eemeat ar applicabk I.aw. Borrower shall pay the amount of all mortgage inaurance premiwns in the manner provided under ; ~ paragraph 2 hereof. ~ ~ My amounts diabnrsed by Lender perauant to thia paragraph 7, with intereat thereon, ehall beoome additional indebtednees of ~ Borrower secured by this ~Mortgage. Unlesa Borrower and Lender agree to ofher terms of payment, euch amoante shall be payable upon ~ ~ notioe from Lender to Bormwer requesting payment thereof, end ehall bear interest from the date of disbursement at the ~ate payable firom - ~ time to time on outatending principal under the Note unlese peyment of intenst at anch rate would be oontrary to applicable law. in which : event snch a~unts ehell bear interest at the highest rate permieaible under applicable law. NM,hing oontained in thia paragraph shall ~ ~ reqnire Lender to incur any expense or take any action hereunder. ~ , a ~ `s ~ . ~ . Sc~K ~.~7~ PAGE iQ. - _ ~ ~ ~ + ' ~ . . - - - r _ _ . . . . _